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Equivalent Choice Functions and Stable Mechanisms

Jan Christoph Schlegel

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Abstract: We study conditions for the existence of stable and group-strategy-proof mechanisms in a many-to-one matching model with contracts if students' preferences are monotone in contract terms. We show that "equivalence", properly defined, to a choice profile under which contracts are substitutes and the law of aggregate holds is a necessary and sufficient condition for the existence of a stable and group-strategy-proof mechanism. Our result can be interpreted as a (weak) embedding result for choice functions under which contracts are observable substitutes and the observable law of aggregate demand holds.

New Economics Papers: this item is included in nep-cta, nep-des and nep-mic
Date: 2018-12, Revised 2019-01
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